Well, it’s that other time of the year again—tax season. Please try to maintain your enthusiasm. Some new things this year include an increased standard deduction, adjusted tax brackets, and some key changes to common tax credits and deductions. The good news is, with Network Tax Solutions, you not only don't have to do them, but will … Continue reading Hooray! Tax Season 2023 is Here!!
WASHINGTON — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. More than 168 million individual tax returns are expected to be filed, with the vast majority of those coming before the April 18 … Continue reading IRS Announces January 23 as Official Start to 2023 Tax Season and Other Key Dates & Tips
Know the tax deadlines that apply to you, so you don't get hit with IRS penalties or miss out on a valuable tax break. The 2020 and 2021 federal income tax calendars were really messed up by the COVID-19 pandemic. The IRS extended various tax filing due dates and payment deadlines during both years to … Continue reading Important Tax Due Dates and Deadlines
You may be wondering if you have to pay taxes on your third stimulus check. The answer may surprise you. I've heard the question many times: Will I have to pay tax on my stimulus check? The tax code says you have to pay taxes on "all income from whatever source derived," unless it's specifically exempted or … Continue reading Is Your Stimulus Check Taxable?
Business owners and investors alike have been on edge over possible hikes. There are lots of reasons not to worry. Here’s why. There's been no shortage of apprehension about the prospect of tax increases over the course of the past year. Worried about potential tax changes, some business owners pushed ahead with sales or other … Continue reading Should You Worry about Tax Increases? Maybe Not!
During last year’s tax-filing season, fewer than 10% of taxpayers who called the IRS were able to get a representative on the phone. Millions of taxpayers still haven’t received their 2020 refunds. Here's some advice on what taxpayers could expect from this year's filing season. What were the primary reasons for IRS backlogs in 2021, … Continue reading Why This Tax Filing Season Could Be Ugly
The Internal Revenue Service has announced annual inflation adjustments for tax year 2022, meaning new tax-rate schedules and tax tables and cost-of-living adjustments for various tax breaks. Most numbers are up more than in recent years because of higher inflation. Note: These numbers, for the tax year beginning January 1, 2022, are what you’ll use … Continue reading New For 2022 – Tax Rates, Standard Deduction Amounts And More
Now that tax season is over, you can forget about taxes for a while! (Unless, of course, you got a filing extension.) But what should you do with all the forms, receipts, canceled checks and other records scattered across your desk? Do you need to keep them, or can you throw them away (or, should I say, shred them)? … Continue reading How Long Should You Keep Tax Records?
What Does Tax Topic 151 Mean? Are you getting the message "Tax Topic 151: Appeal Your Rights" when you log into Where's My Refund? Tax Topic 151 means that you're getting a tax offset, which is where the Department of Treasury will be taking your refund to pay for something you owe. The most common … Continue reading Common IRS Where’s My Refund Questions and Errors
Here are answers to some of the most common questions we’re hearing as small businesses and their advisors navigate the new Paycheck Protection Program and this year's tax return. · My business received a PPP loan, do we have to report the loan proceeds as income for federal income tax purposes? No. In general, loan … Continue reading Paycheck Protection Program Tax Questions